- TRX has declined by 10.29% over the past seven days.
- Tron recorded the highest number of transactions among blockchains.
As a seasoned researcher with years of experience in the crypto market, I have seen my fair share of bull runs and bear markets. The recent decline in Tron [TRX] has been noticeable, with the altcoin dropping by 10.29% over the past seven days, marking a 3.11% decrease on daily charts and a more substantial 10.29% drop on weekly charts.
Over the last fortnight, the price of Tron (TRX) has consistently dropped. After peaking at $0.45, this digital coin has continued its downward trend, reaching a low of $0.24.
Currently, Tron is being exchanged for approximately $0.2643 per unit, representing a 3.11% decrease in its value over the past day. On a weekly basis, it has seen a drop of about 10.29%.
In contrast to its recent dip, Tron has shown remarkable progress in certain aspects, particularly in terms of transaction volume. As per Cryptoquant’s findings, Tron leads all blockchains with the most transactions processed.
Tron’s record transactions
According to an examination by Cryptoquant’s analyst, CrazzyBlockk, Tron has experienced its maximum number of transactions for the past three consecutive months in a row.
Over the past three months, Tron has topped other cryptocurrencies in terms of monthly transaction volume. Specifically, it processed 182 million, 167 million, and 135 million transactions in October, November, and December.
As the use of Telegram-based games lessens and the Ton network becomes less influential, TRON is stepping in to take its place. This shift has led to a noticeable increase in transactions on the TRON blockchain, with an influx of USDT moving onto it.
The primary factor fueling the expansion of USDT on the Tron platform is its application in cryptocurrency trades and various transactions.
Implications on TRX’s price charts?
Over the past month, Tron’s transaction count has dramatically increased, but the last fortnight has been marked by a dominant bearish trend.
It seems that despite an increase in transactions on various blockchains, the price of TRX hasn’t shown a positive response as expected.
Over the last 24 hours, AMBCrypto has noticed a bearish trend in the market based on a crossover pattern in the Stochastic Oscillator. This crossover implies that there’s significant selling activity occurring in the market, and the pressure seems to be pushing prices lower.
The downward trend becomes more pronounced as the Relative Vigor Index (RVGI) approaches a bearish cross-over point. If another bearish cross-over occurs, it will solidify the descending pattern.
Furthermore, it appears that Tron is experiencing a higher volume of tokens flowing into aggregated exchanges rather than out. This suggests that investors may be either offloading their tokens or getting ready to do so.
This trend is also noticeable among significant investors, as their outgoing funds have decreased to approximately -168.55 million. This decrease indicates that these big investors are withdrawing more money from their assets than they are putting in.
Despite Tron’s transaction count outpacing other cryptocurrencies, Tronix (TRX) is currently experiencing a downtrend. Given the prevailing pessimistic feelings, Tronix might drop even more.
Read TRON’s [TRX] Price Prediction 2024-25
Under current circumstances, TRX might fall to about $0.24. But if transaction activity boosts and has a favorable impact on the coin’s price trends, Tron may regain its resistance at around $0.304.
Read More
- BCH PREDICTION. BCH cryptocurrency
- ENJ PREDICTION. ENJ cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- UNI PREDICTION. UNI cryptocurrency
- RIF PREDICTION. RIF cryptocurrency
- TRU PREDICTION. TRU cryptocurrency
- WRX PREDICTION. WRX cryptocurrency
- GFI PREDICTION. GFI cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- EUR HUF PREDICTION
2024-12-20 05:11